Years ago the Pennsylvania Association of Realtors® adopted the practice of inserting default timelines in its standard forms. All of these defaults can be overridden, but mostly they become standards. By default, a buyer has 5 days after execution of a standard agreement to tender a deposit. At one time, from the advent of standard forms to nearly present day…
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It may have taken an extremely seller-favored market, but the average deposit on a residential transaction is higher than at any time in my observation. Listing agents are not so timid now that there are numerous buyers waiting at the door, each clamoring to present a “best” offer. This phenomenon does not answer for me these two questions: (1) is it enough…
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ENOLA, PA (August 11, 2021) – The Greater Harrisburg Association of REALTORS® Foundation collaborated with Kick in for Kids, Inc. for their annual school supplies drive. REALTORS® and affiliate members from over 40 member offices made it their mission this summer to collect donations of backpacks, pencils, pens, paper, crayons, markers, scissors, binders, notebooks, and other school and craft supplies for local students…
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A transaction can collapse for any number of reasons. Getting a release is ideal because it makes clear that the transaction is over. Dead. Done. A release represents a resolution and it’s not always possible to secure an agreed upon resolution. Suppose the Buyer fails to make a substantial deposit when due and the Seller seeks to terminate…
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James L. Goldsmith, Esquire Victoria P. Edwards, Esquire Not too long ago I spoke to a home inspector who claimed that his residential home inspections were down about 90% from what they were pre-pandemic! With the present supply/demand imbalance, buyers are making offers sans inspection contingencies. Hoping to recapture some business, the inspector questioned whether he could offer a service that consisted of accompanying buyers to showings…
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ENOLA, PA (June 25, 2021) – The Greater Harrisburg Association of REALTORS® Foundation hosted its Annual Golf Outing on Wednesday, June 23, 2021, at Armitage Golf Club in Mechanicsburg, Pennsylvania. Proceeds will benefit housing-related charities in the Greater Harrisburg area. The Foundation welcomes men, women, and mixed foursomes from all business and organization types. For the 144 golfers…
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It’s not unusual for an agreement of sale to go under multiple modifications before settlement. Perhaps an inspection results in a financial concession followed by an another price modification after discovery of additional problems. Putting the modifications in writing is required; clarity is also essential. In the second Change in Terms you might state something like “Seller credits Buyer with $3,000 at settlement.” Does that $3,000 represent the total financial concession or is that $3,000 concession on top of (in addition to) the previous $2,000 concession (also placed in writing)?
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A home inspector client of mine told me his business is approximately 10% of what it had been prior to this unprecedented sellers’ market. Buyers know, believe or assume that in order to have an offer accepted they must waive financing and due diligence contingencies. So what happens down the road when these buyers find undisclosed defects?
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This (the title of this article) is what an agent told me when I was nitpicking a special clause he inserted in an agreement of sale. My clients were sellers who had not listed their property (yes….FSBOs). Multiple offers came quickly and my clients selected their favorite. It wasn’t highest and the reasons they favored it could be the subject of an article. …
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Those of you who teach the NAR Code of Ethics probably zeroed right in on these words that come from Article 11. That Article cautions practitioners to stay within their “field of competence” although exceptions permit one to stray from his or her field of competence if safeguards are invoked. Those safeguards include engaging the assistance of one who is competent in such matters and full disclosure to the client as to the limitations…
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